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Nigerian Startup Going Up Against Paypal Is About To Raise Almost $10m

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the busy african

SimplePayOnonobi

Ever since SimplePay pitched on stage in Geneva at the $500,000 SeedStars World startup competition in February, the Nigerian internet payment startup has witnessed a rain of investment proposals from local and international moneybags.

SimplePay founder Simeon Ononobi while addressing a keen audience of tech entrepreneurs, investors, and media persons, explained he had planned to launch Africa’s ebay off proceeds from his last exit when he realised it costs merchants in Nigeria $3000 to be able to accept online payments from debit cards. And at the time, the free and easy to use third-party payment platform Paypal was unavailable to users in Nigeria, and most of Africa. By January 2013 SimplePay was born.

Simply, the startup is Paypal localised to the Nigerian market and it’s no wonder investors are scurrying to have a piece of the pie. According to Euromonitor, the 171 million people-strong country has a 62.4 million online…

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